My friend is a top level manager in a large insurance company in China. He told me that there is a high turnover rate of insurance agents in China. 75% of newly recruited agents leave within the first year.
My view?
It is extremely costly to recruit and train an insurance agent. The cost will have to be borne by the consumers. The people in China are paying a higher premium to cover this wastage.
This problem exists in other countries. It also exist to a smaller extent in Singapore.
The insurance industry has to find a better way to sell its products, and reduce the cost to consumers.
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